Shareholders at Standard Chartered have taken up more than 98 per cent of stock offered in a rights issue by the bank.

The financial services provider raised an estimated $5.3 billion through the issue which was undertaken to boost its capital levels ahead of incoming Basel II regulations.

Under the terms of the new legislation, firms will need to hold capital equivalent to the value of seven per cent of their total assets.

UBS Investment Bank, JP Morgan Cazenove, Goldman Sachs International and Standard Chartered Securities were the joint global bookrunners for the IPO and will be responsible for placing the remaining 3.84 million shares.

Standard Chartered is reported to be offering one share for every eight priced at Â£12.80 each.

When the rights offer was first unveiled by the bank, Peter Sands, chief executive, stated: âItâs [taking place] to safeguard the bank's ability to grow, to take advantage of the opportunities in our markets while also meeting the anticipated changes in the regulatory world.â

The bank said that it wants to use the funds to actively seek further business opportunities within Asia, the Middle East and Africa.

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